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, Bitcoin whales: They have little interest in selling their BTC in the short term, Forex-News, Forex-News
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Bitcoin whales: They have little interest in selling their BTC in the short term

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, Bitcoin whales: They have little interest in selling their BTC in the short term, Forex-News, Forex-News


, Bitcoin whales: They have little interest in selling their BTC in the short term, Forex-News, Forex-News

The price of Bitcoin (BTC) is fluctuating thanks to the volatility in the market today. After hitting $ 14,100 for the first time since 2017, following a sharp pullback. However, data on Bitcoin whales show they have little interest in selling in the short term. I mean, they are maintaining a Hodl strategy.

From this trend of the whales it can be understood that they do not expect a great setback in the short term, or that even if it does, it can recover. Normally, a low level of whale activity is an indicator of a possible upward trend.

What indicators or factors can be monitored to corroborate this information?

In the cryptocurrency market there are many indicators that can be used to have a clearer picture of what is happening with investors. In this case, the leverage ratio estimated by BTC shows that trading in the derivatives market is not decreasing.

Another important factor to have a good overview is that of the Bitcoin whale clusters. These are formed when the newly purchased BTC is held in place. The clusters show areas in which whales bought Bitcoin previously and are often considered support levels.

In that sense, Whalemap determined that the levels of 12,987 and 13,650 dollars are critical, as many whales accumulated at this level. Thus, the perspective is that this level must be overcome in order to speak without doubt of a bullish rally in the short term. Another important piece of information is that technically speaking, the support is USD 13,000, if BTC remains above it, there is no talk of a downtrend.

Do the US elections influence the actions of the Bitcoin Whales?

At the time of writing, the United States has yet to announce an election winner. While BTC saw a 4% drop in this context, it has been relatively resilient. Hence, the whales and investors appear to be confident.

But volatility may increase after the results, so far everything seems to indicate that Joe Biden could be the winner, but Donald Trump has already announced that he believes that there may be fraud.

In a scenario like that, “cascade liquidations” are possible. This term is used for a situation where futures contracts are settled consecutively in a short period of time. If this happens, volatility increases.

Also, there are fewer whales selling on US exchanges, typically used by Bitcoin whales. According to data from CryptoQuant, there is a low entry of Bitcoin in the US exchanges, which can also be confirmed by monitoring the Whale Alert reports.

What to observe besides the little interest of the whales to sell their BTC in the short term?

Whalemap data suggests that a close above $ 14,000 is critical in November. “If that happens, like in December 2017, BTC could hit a new all-time high in December.”

However, to be able to affirm that this is tangible, it is necessary to monitor not only the activity of the whales, but also that of the miners and the impact that the results of the US elections may have on the markets in general.



, Bitcoin whales: They have little interest in selling their BTC in the short term, Forex-News, Forex-News

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, Bitcoin whales: They have little interest in selling their BTC in the short term, Forex-News, Forex-News

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